ADIDAS X YEEZY COLLAB OFFICIAL 2016 THREAD - (NO LC PICS PLEASE!)

[jli119]

 
goat or stockx dont send forms either...only paypal

 once u hit 20k and 200 transactions

GOAT will, stockx won't 

 

[bwood056]

resellin is untaxed. uncle sam dont even know how much you rake in as a reseller

Most uninformed comment I've read in a while.

Yes you get taxed for "reselling", however it will kick in only after a certain amount of money has been received.

The loop is to claim only the "profits" from the transactions - keeping receipts will help with this during tax season.

I believe the mark is 20k+ before taxes are kicked (I believe that might be for PayPal).

 

[unclekyrie2]

 

[chizzle]

Most uninformed comment I've read in a while.

Yes you get taxed for "reselling", however it will kick in only after a certain amount of money has been received.

The loop is to claim only the "profits" from the transactions - keeping receipts will help with this during tax season.

I believe the mark is 20k+ before taxes are kicked (I believe that might be for PayPal).

Bingo.

 

[whataguy]

 

It's doubtful it will go below $500.

I just purchased a pair for my nephew from a NTer, price, $450 shipped.
 

I don't even know how you would fix your fingers to type out this nonsense.

**** alllllll the resellers.
@squirtle turtle

dude I'm still what's good? I know you cooked multiple. LoL

I struck out on this release man. Only joints I wanted. I hit this dude up that I seen purchase tons of Yeezys ... Like for the Belugas, he had 50 pairs and so on. He talked a good game and assure me that he was going to get tons. I was going to but 10 pairs 4 to keep and give to family and sell the others but I change my mind and asked him for 4 pairs to make sure both my nephew and me got the exact size needed. Paid dude 600 just for the devices and got lazy and didn't even try. Day off, dude refunded me the money and said sorry .. I'm still salty ....

You paid some random not known guy $600 for bot/service and the guy said he didn't try? I think you just gave a guy a loan.

 

[chizzle]

 

Because you probably haven't reached the mark that needs to be reported.

 

[consios]

 

[airraab]

 

THIS ^^

I've sold over 20k with FC in a year and never got a Tax form

maybe 40k is the line

Paypal sends you one after 40k in sales

 

[shaw333]

paypal sends a 1099G with 20k and 200 transactions.

https://www.paypal.com/us/selfhelp/...RS-Will-I-receive-a-1099-tax-statement-FAQ729

[h2]How does PayPal report my sales to the IRS? Will I receive a 1099 tax statement?[/h2]

PayPal is required by the IRS to report the sales of goods and services for customers who, in a single year receive:

• More than $20,000 USD, AND
• 200 or more payments.

Internal Revenue Code (IRC) Section 6050W applies to all payment providers, including PayPal. You can find more information and FAQs by visiting the PayPal tax website.

 

[kingcurt1]

some of y'll str8 telling on yourself...

 

[razytwo]

PROS

- you'll feel cool cause you have Yeezy boots on

- you'll feel supreme confidence in yourself

CONS

- they're super wack

- they're chunky

- we're 1 month away from spring, shoulda bought 4 months ago

Plus the aggressive smell of gum is just disgusting: you open the box the first time and they smell like the cheapest reps... not worth even 150$

 

[unclekyrie2]

Most uninformed comment I've read in a while.

Yes you get taxed for "reselling", however it will kick in only after a certain amount of money has been received.

The loop is to claim only the "profits" from the transactions - keeping receipts will help with this during tax season.

I believe the mark is 20k+ before taxes are kicked (I believe that might be for PayPal).

that was in regards to the dude dropping off FSRs at flight club. that goes untaxed and uncle sam doesnt send the IRS matrix agents at you. probably has something to do with the commision fee 

 

[unclekyrie2]

 
some of y'll str8 telling on yourself...

word? so i should be expecting a letter in the mail addressed to unclekyrie2?

 

[jli119]

paypal will send you a 1099

goat will send you a 1099

stockx will not as of right now

fcny and any consignment shop will not

does that mean you will get away with evading taxes? who knows

but if you're wondering whether these businesses do or don't send 1099s, the above is the correct information.

 

[kingcurt1]

Plus the aggressive smell of gum is just disgusting: you open the box the first time and they smell like the cheapest reps... not worth even 150$

preciate it...not worth it was all i needed to hear

 

[kingcurt1]

 
word? so i should be expecting a letter in the mail addressed to unclekyrie2?

i dont know or care, im just saying some cats tell any damn thing online.....nothing personal

 

[airraab]

 

You have to have Waaaaaay more income then 20k-40k to go to jail for income taxes

Look at Wesley Snipes

He went to jail after 5 years of unpaid taxes cuz of Fraud accounting practices 

but he made 40 million in those 5 years

WE ARE NOT ON THE RADAR!! 

 

[chizzle]

 
paypal will send you a 1099

goat will send you a 1099

stockx will not as of right now

fcny and any consignment shop will not

does that mean you will get away with evading taxes? who knows

but if you're wondering whether these businesses do or don't send 1099s, the above is the correct information.

I would love to see how flight club reports their figures.

I guess one thing they could say is that they're not ACTUALLY buying goods or inventory, but being a third party to help sell items instead.

Maybe they have a good accountant on their end that knows how to get around things.

 

[jrc1988]

Won the shopnicekicks raffle. Email seems shady tho...send us all of your CC info in an email lol 

 

[mos definition]

Better safe than sorry imo

 

[ueih]

You have to have Waaaaaay more income then 20k-40k to go to jail for income taxes

Look at Wesley Snipes

He went to jail after 5 years of unpaid taxes cuz of Fraud accounting practices 

but he made 40 million in those 5 years




WE ARE NOT ON THE RADAR!! 

Sure you won't go to jail, basically you can avoid paying the taxes on reselling but it might bite you in the *** later down the road. You might just have to pay the taxes you owe and not go to jail but it's still a possibility that could be avoided. Simply put, just because you didn't pay taxes doesn't mean you're safe.

 

[jayocampo]

I would rather buy a pair of wolverines, red wings, or LL bean duck boots before I buy a pair of yeezy boots. You can probably buy all three for the price of one yeezy boot tbh.

 

[acp7399]

NT Dept of Taxation and Finance in the house

We are a full service outfit fellas.

 

[neverflopped]

word? so i should be expecting a letter in the mail addressed to unclekyrie2?

There are members on this site that can get ur full name and address just by you being on, I'm sure IRS won't have a problem finding you either lol

 

[consios]

 
You have to have Waaaaaay more income then 20k-40k to go to jail for income taxes

Look at Wesley Snipes

He went to jail after 5 years of unpaid taxes cuz of Fraud accounting practices 

but he made 40 million in those 5 years

WE ARE NOT ON THE RADAR!! 

hopefully, in a couple days  sneakernews or ************* going to have an article " so whats the deal with taxes and reselling" The fact that this convo came up shows theirs alot of salty dudes in here.